(a) The state and municipalities participating in an authority are not liable for the debts of that authority. Bonds issued under AS 29.35.625 are payable solely from the revenue of the authority and do not constitute a
(1) debt, liability, or obligation of the state or a municipality; or
(2) pledge of the faith and credit of the state or a municipality.
(b) An authority may not pledge the credit or the taxing power of the state or its municipalities. A bond issued under AS 29.35.625 must contain on its face a statement that
(1) the authority is not obligated to pay it or the interest on it except from the revenue pledged for it; and
(2) the faith and credit of the taxing power of the state or of a political subdivision of the state is not pledged to the payment of it.
Structure Alaska Statutes
Title 29. Municipal Government
Chapter 35. Municipal Powers and Duties
Sec. 29.35.600. Purpose of authorities.
Sec. 29.35.605. Establishment of port authorities.
Sec. 29.35.610. Dissolution of a port authority.
Sec. 29.35.615. Municipal property.
Sec. 29.35.625. Bonds of a port authority; superior court jurisdiction.
Sec. 29.35.630. Bonds eligible for investment.
Sec. 29.35.635. Validity of pledge.
Sec. 29.35.640. Credit of state or a municipality not pledged.
Sec. 29.35.645. Pledges of the state and municipalities.
Sec. 29.35.650. Limitation of liability.
Sec. 29.35.655. Limitation on personal liability.
Sec. 29.35.660. Fidelity bond.
Sec. 29.35.665. No taxing authority.
Sec. 29.35.670. Exemption from taxation.
Sec. 29.35.675. Development plan.
Sec. 29.35.680. Administration of port authorities; board.
Sec. 29.35.690. Bylaws and regulations.
Sec. 29.35.695. Authority subject to public records and open meetings laws.
Sec. 29.35.700. Annual report.
Sec. 29.35.720. Conflicting laws inapplicable.
Sec. 29.35.722. Ownership or operation of certain state facilities prohibited.